> ## Documentation Index
> Fetch the complete documentation index at: https://docs.phoenix.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Fees

> Trading fees, liquidation fees, referral discounts, and Flight builder fees

Phoenix charges trading fees on matched notional.

## Base trading fees

* taker fee: $3.5\ \text{bps}$ ($0.035\%$)
* maker fee: $0.5\ \text{bps}$ ($0.005\%$)

Examples:

$$
\begin{aligned}
\text{taker fee} &= 10{,}000 \times 0.035\% = 3.50\ \text{USDC} \\[0.5em]
\text{maker fee} &= 10{,}000 \times 0.005\% = 0.50\ \text{USDC}
\end{aligned}
$$

## Maker vs taker

* you are a maker when your order provides resting liquidity
* you are a taker when your order removes existing liquidity

A limit order can be either:

* taker on the crossed portion
* maker on any remainder that rests

## What else can affect your all-in cost

### Referral discount

Referral codes can reduce user trading fees. See [Referral Program](/incentive-programs/referral-program).

### Flight builder fee

If you route an order through Flight, the builder fee is additive to exchange trading fees. See [Builder Codes](/builder-codes).